由于清算、美元走强、获利了结和 ETF 困境，比特币暴跌至 6.6 万美元以下

比特币市场经历了大幅下跌，跌破 66,000 美元，原因有四个主要因素：重大多头清算事件、美元指数走强、投资者获利了结以及比特币 ETF 资金流出。在高杠杆和乐观情绪的推动下，多头清算引发了回调，而美元指数的上涨则将投资者的偏好转向了更安全的资产。周期高点的获利回吐进一步导致价格下跌，而 ETF 资金流出，尤其是来自 Grayscale 的 GBTC 的资金流出，加剧了经济低迷。

Bitcoin Plunges Below $66,000, Driven by Liquidations, DXY Strength, Profit-Taking, and ETF Outflows

在清算、DXY 走强、获利了结和 ETF 流出的推动下，比特币跌破 66,000 美元

The cryptocurrency market has experienced a significant downturn, with Bitcoin (BTC) prices tumbling below the $66,000 mark. This abrupt price correction, representing a sudden 5.6% decline, can be attributed to a combination of four major factors: a long liquidation event, a rising US Dollar Index (DXY), profit-taking by investors, and spot Bitcoin ETF outflows.

加密货币市场经历了严重的低迷，比特币（BTC）价格跌破 66,000 美元大关。这次价格突然调整（突然下跌 5.6%）可归因于四个主要因素：多头清算事件、美元指数（DXY）上涨、投资者获利了结以及比特币 ETF 现货流出。

1. Long Liquidations: A Market Correction

1. 多头清算：市场调整

The primary catalyst behind today's Bitcoin price drop was a substantial deleveraging event, characterized by an unusually high level of long liquidations. Prior to the downturn, the Bitcoin Open Interest (OI) Weighted Funding Rate had reached exceptionally elevated levels, indicating that leveraged traders were paying premiums to maintain long positions in anticipation of future price increases. However, this excessive optimism rendered the market vulnerable to sudden corrections.

今天比特币价格下跌背后的主要催化剂是大规模的去杠杆化事件，其特点是多头清算水平异常高。在经济低迷之前，比特币未平仓合约（OI）加权融资利率已达到异常高的水平，这表明杠杆交易者在预期未来价格上涨的情况下支付溢价以维持多头头寸。然而，这种过度乐观使得市场容易受到突然调整的影响。

As crypto analyst Ted (@tedtalksmacro) on X (formerly Twitter) remarked, "Today was the largest long liquidation event since the 19th March." Elaborating on the implications of this correction, he added, "Nice reset in overall positioning today, even on just a 5% drop lower for Bitcoin... Next leg higher is loading I think." This statement underscores the severity of the liquidations and suggests the potential for a market rebound or restructuring as stability returns.

正如 X（前 Twitter）上的加密货币分析师 Ted (@tedtalksmacro) 所说，“今天是自 3 月 19 日以来最大的多头清算事件。”在详细阐述此次调整的影响时，他补充道，“今天的整体仓位重置不错，即使比特币仅下跌 5%……我认为下一轮上涨正在加载。”该声明强调了清算的严重性，并表明随着稳定的恢复，市场有可能反弹或重组。

Data from Coinglass reveals that over the past 24 hours, 120,569 traders were liquidated, amounting to a total of $395.53 million in liquidations, with $311.97 million being long positions. Bitcoin-specific long liquidations stood at $87.42 million.

Coinglass的数据显示，过去24小时内，有120,569名交易者被平仓，平仓总额为3.9553亿美元，其中多头仓位为3.1197亿美元。比特币多头清算额为 8742 万美元。

2. DXY Strength Weighs on Bitcoin

2. DXY 走强令比特币承压

The US Dollar Index (DXY), which measures the value of the US dollar against a basket of foreign currencies, closed yesterday at 105.037, its highest level since November. This indicates a strengthening US dollar, which has an inverse correlation with Bitcoin's price. The stronger dollar may have diverted investor preference towards safer assets, leading to a reduction in demand for Bitcoin and other riskier investments.

衡量美元兑一篮子外币价值的美元指数（DXY）昨天收于105.037，为去年11月以来的最高水平。这表明美元走强，与比特币的价格成反比。美元走强可能已将投资者的偏好转向更安全的资产，导致对比特币和其他风险较高投资的需求减少。

However, analyst Coosh Alemzadeh provided an alternative perspective, suggesting through a Wyckoff redistribution schema that despite the DXY's recent uptick, the next move could favor risk assets, potentially including Bitcoin.

然而，分析师 Coosh Alemzadeh 提供了另一种观点，通过威科夫再分配模式表明，尽管 DXY 最近上涨，但下一步可能有利于风险资产，其中可能包括比特币。

3. Investor Profit-Taking: Realizing Gains

3. 投资者获利了结：实现收益

Profit-taking by investors has also significantly contributed to the recent price adjustments. Bitcoin on-chain analysis platform Checkonchain reported a spike in profit-taking activities.

投资者的获利了结也对近期价格调整做出了重大贡献。比特币链上分析平台 Checkonchain 报告称，获利了结活动激增。

Glassnode's lead on-chain analyst, Checkmatey, provided insights via X, stating, "The classic Bitcoin MVRV Ratio hits conditions we characterize as 'heated, but not yet overcooked'. MVRV = above +0.5sd but below +1sd. This indicates that the average BTC holder is sitting on a significant unrealized profit, prompting an uptick in spending."

Glassnode 的首席链上分析师 Checkmatey 通过 X 提供了见解，指出：“经典的比特币 MVRV 比率符合我们所描述的‘过热，但尚未过度’的条件。MVRV = 高于 +0.5sd 但低于 +1sd。这表明比特币持有者平均持有大量未实现利润，从而促使支出增加。”

This profit-taking coincided with Bitcoin reaching a peak of $73,000, marking a cycle high in profit realization with over 352,000 BTC sold for profit. Such selling behavior is typical in bull markets but plays a key role in creating resistance levels at local price tops.

此次获利回吐恰逢比特币达到 73,000 美元的峰值，标志着利润实现周期的新高，出售了超过 352,000 比特币以获取利润。这种抛售行为在牛市中很常见，但在当地价格顶部形成阻力位方面发挥着关键作用。

4. Bitcoin ETF Outflows: A Reversal in Sentiment

4. 比特币 ETF 资金流出：市场情绪逆转

The market has witnessed notable outflows from Bitcoin ETFs, signaling a reversal from last week's substantial inflows. The total outflows amounted to $85.7 million in a single day, with Grayscale's GBTC experiencing the most significant withdrawal of $302 million.

市场见证了比特币 ETF 的显着流出，这标志着上周大量资金流入的逆转。单日流出总额达 8570 万美元，其中灰度的 GBTC 流出量最大，达 3.02 亿美元。

Meanwhile, Blackrock's IBIT and Fidelity's FBTC reported positive inflows, totaling $165.9 million and $44 million, respectively. Commenting on this, WhalePanda remarked, "Overall negative day but not as negative as the price implied. Closing of Q1 so taking profit here makes sense. Some fuckery around [the] new quarter and halving is to be expected."

与此同时，贝莱德 (Blackrock) 的 IBIT 和富达 (Fidelity) 的 FBTC 报告称资金正流入，总额分别为 1.659 亿美元和 4400 万美元。对此，WhalePanda 评论道：“总体来说是负面的一天，但并不像价格所暗示的那么负面。第一季度结束，因此在这里获利了结是有道理的。新季度和减半的一些混乱是可以预料的。”

Conclusion

结论

The combination of long liquidations, a strengthening US dollar, investor profit-taking, and spot Bitcoin ETF outflows has resulted in a significant downturn in the Bitcoin market, with prices falling below the $66,000 mark. As the market stabilizes, it remains to be seen whether the correction will lead to a prolonged downward trend or if Bitcoin can regain its upward momentum.

多头清算、美元走强、投资者获利回吐以及现货比特币 ETF 流出等因素综合作用，导致比特币市场大幅下滑，价格跌破 66,000 美元大关。随着市场企稳，此次调整是否会导致长期下跌趋势，或者比特币能否重获上涨动力，还有待观察。